NEWS RELEASE 09/22/11

GASB Extends Deadline Two Weeks for Submitting Comments on Pension Accounting and Financial Reporting Proposals and Changes the Date of the NYC Public Hearing

Norwalk, CT, September 22, 2011—The GASB has extended the deadline for commenting on the Board’s proposals on pension accounting and financial reporting to Friday, October 14. The deadline was previously September 30.

In addition, the Board has changed the date of the pensions public hearing in New York City to Tuesday, October 4, from October 3. The other public hearing and user forum dates remain unchanged.

In announcing the deadline extension, GASB Chairman Robert H. Attmore said that, in light of when the proposals became available for public review and comments, and in response to requests for additional time, the Board concluded that potential respondents to the proposals should have the benefit of this longer period to complete their submissions.

“The Board believes that it must balance the need to address significant financial reporting issues on a timely basis with the multitude of competing priorities of the financial statement preparer community, including the successful implementation of any final pension standards,” Chairman Attmore said. “Based on the due process response periods provided for other major projects in the past, the Board concluded that this two-week extension would better achieve that balance,” he added.

Additional information regarding the public hearings and user forums and on providing input to the GASB, as well as the pension proposals themselves, is available on the GASB website at www.gasb.org.

About the Governmental Accounting Standards Board

GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website, www.gasb.org.